The first informational meeting of the recently created Gold & Silver Political Action Committee (GSPAC) occurred in Long Beach, California on September 22, 2010.
The creation of the PAC was prompted by enactment of new Internal Revenue Service Form 1099 reporting requirements and other proposed legislation that could create tremendous burdens on dealers as well as collectors and investors.
GSPAC is registered with the Federal Election Commission (FEC)
Thirty-one people attended the inaugural meeting in Long Beach, including state and federal government relations experts, rare coin and bullion dealers, executives of several national numismatic organizations and a former US Mint Director who also previously served as chief of the majority staff of the U.S. Senate Finance Committee.
"The Gold & Silver PAC is an effort to elect public officials with a better understanding of the numismatic and precious metals community and pending legislation and regulatory issues that could positively impact or adversely affect the hobby and profession," said Barry Stuppler, Chairman of GSPAC.
"GSPAC does not compete with existing organizations, such as the Industry Council for Tangible Assets (ICTA) or the Coalition for Equitable Regulation and Taxation (CERT). By working to elect legislators who understand our community’s needs, issues and concerns, we complement their efforts in Washington and state capitals."
Veteran government legislative specialist, Nicholas A. Pyle, President of Pyle & Associates in Washington, is volunteering his time to work with GSPAC and among those attending the meeting. Pyle will create an informal "Congressional Coin Caucus" composed of members of Congress interested in coin and precious metals issues.
Stuppler outlined nine "core issues" that GSPAC will use as criteria to evaluate candidates:
- IRS Form 1099 reporting on purchases of merchandise over $600
- Regulation of the purchasing and marketing practices of gold and precious metals dealers
- Enforcement of the Ancient Antiquities Act on Greek and Roman coin imports.
- Problems caused by high-quality Chinese-made counterfeit coins and bogus certified numismatic holders
- Traveling and hotel gold buyers who may be purchasing gold coins and jewelry without required licenses
- Allowing certified rare coins to be placed in IRA accounts
- Exempting coins, currency and precious metals from possible Value Added Taxes (VAT)
- Exempting coins, currency and precious metals from the Streamlined Sales Tax Plan (SSTP) all inter-state Internet or mail-order sales taxes
- Capital gains tax rates on precious metals and rare coins
"I am excited to share that the Gold & Silver PAC raised over $160,000 in contributions from individuals and another $150,000 in pledges," explained Stuppler.
Currently, the GSPAC Board operates with eight members, including a four-member Executive Committee composed of Stuppler, Chairman; Steve Ivy, Vice Chairman; J. Richard Eichman, Treasurer, and Steve Eichenbaum, Executive Committee Member At-Large.
The other members of the Board are Mike Clark, Philip Diehl, Donald Doyle, Mike Fuljenz and Terry Hanlon.
GSPAC is solely supported by contributions. More information is available online at www.GoldandSilverPAC.com.